Market View

55-per-cent equity and strong performance in Templeton Global Bond with lower duration and limited U.S. government exposure which is under-appreciated by the Street.

Time Warner

decent valuation, high FCF and good pure-play content and Time Inc. spin-off all catalysts

Past Picks: June 3, 2013

AllerganThen: $98.94Now: $90.99Total return: -7.99 per cent

EMC Corp.Then: $24.74Now: $26.98Total return: +9.53 per cent

TargetThen: $71.05Now: $65.34Total return: -7.46 per cent

Total return average: -1.97 per cent

Market outlook:

Neutral – with positive bias towards equity (same as June). Recent economic data was not great (i.e. no taper), yesterday`s shot of momentum usually precedes a price peak. U.S. markets are fairly-valued for economic progress. A balanced view overall.

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